Southeast

Trez Forman Provides $85M Construction Loan for Multifamily Project in Fort Lauderdale

by Camren Skelton February 16, 2018

FORT LAUDERDALE, FLA. — Trez Forman Capital Group has provided an $85 million construction loan for the development of 4 West Las Olas, a 360-unit apartment community in Fort Lauderdale. Brett Forman of Trez Forman originated the loan on behalf of the developer, a joint venture between Elevate Partners and NCC Development Group. Trez Forman previously provided a $6 million acquisition loan to the joint venture when it purchased the 1-acre site in mid-2017. Trez Forman will assume the land loan as part of the new construction loan. An existing 64,500-square-foot office building will be demolished to clear the site for construction of 4 West Las Olas. The community will also feature 12,000 square feet of retail space and 387 parking spaces. Moss & Associates is the project’s general contractor, and Greystar will manage the community.

February 16, 2018

Maryland Office Southeast

TIER REIT Sells 280,000 SF Office Building in Baltimore for $60M

by Camren Skelton February 16, 2018

BALTIMORE — Dallas-based TIER REIT has sold 500 East Pratt, a 280,000-square-foot office building in Baltimore, for $60 million. Boca Raton, Fla.-based Morning Calm Management acquired the 13-story building, according to the Baltimore Sun. The building was constructed in 2005 and was 93 percent leased at the time of sale to tenants such as CohnReznick LLP, Saul Ewing, Deloitte, JLL, UBS and McGuire Woods. The sale marks TIER REIT’s exit from the Baltimore market, and reduces the number of markets in which the company operates to six.

February 16, 2018

District of Columbia Loans Office Southeast

Natixis Funds $46.3M Loan to Refinance Office Building in D.C.’s CBD

by Camren Skelton February 16, 2018

WASHINGTON, D.C. — Natixis has provided a $46.3 million loan to Normandy Real Estate Partners for the refinancing of 1015 18th St. N.W., a 109,650-square-foot office building in Washington, D.C,’s Central Business District. A joint venture between Normandy Real Estate Partners and NTT Urban Development Corp. acquired the property in 2015, and renovated the asset from Class B to Class A. Originally constructed in 1970, the building was updated to include a new glass curtainwall façade, new two-story lobby, new base building mechanical and ventilation systems, renovated bathrooms and the addition of a 5,000-square-foot rooftop amenity suite and terrace. The building is situated three blocks from the White House, with immediate access to four Metro lines. The property features ground-level retail space, a fitness center, outdoor space and a below-grade parking garage with 118 spaces.

February 16, 2018

Georgia Retail Southeast

Three New Tenants to Join Shops Around Lenox in Atlanta’s Buckhead District

by Camren Skelton February 16, 2018

ATLANTA — Three new tenants will join Shops Around Lenox, an open-air shopping center in Atlanta’s Buckhead district, in the coming months. New York-based fitness company SoulCycle will open its first Atlanta location at the center in late April, and healthy food concept Flower Child will open its first location in the city in mid-summer. West Elm will also open a new location at the center this summer. The new tenants join recent additions to Shops Around Lenox including Draper James, which opened in November 2017; Blo Blow Dry Bar, which opened in 2016; and Kendra Scott, which opened in 2014. Additional tenants at the center include South Moon Under, Crate & Barrel, Paper Source, lululemon athletica, Suit Supply, fab’rik and Seven Lamps. Retail consultant Tisha Maley and JLL were retained to update and manage the new tenant lineup. Originally constructed in 1979, Shops Around Lenox was updated in 2009 with refreshed facades, new community gathering spaces and new artwork. The center is located within walking distance to more than 10 million square feet of office space, seven hotels and Lenox Square, an enclosed regional mall owned and operated by Simon.

February 16, 2018

Florida Industrial Southeast

Bridge Development, Partners Break Ground on 221,542 SF Industrial Building in Fort Lauderdale

by Camren Skelton February 16, 2018

FORT LAUDERDALE, FLA. — Bridge Development Partners, in a joint venture with Akard Street Partners LP, Banner Oak Capital Partners LP and Elion Partners, has broken ground on Bridge Point Riverbend, a 221,542-square-foot industrial building in Fort Lauderdale. The building is under construction at the intersection of Interstate 95 and Broward Boulevard. The joint venture acquired the 12-acre site in July for $10.4 million and secured $16.6 million in financing to develop the project. The speculative industrial building will feature 32-foot clear heights, rear-dock loading, an ESFR sprinkler system and a 1.4 to 1,000 parking ratio. The building will have the flexibility to accommodate tenants starting at 40,000 square feet.

February 16, 2018

Florida Hospitality Southeast Top Stories

Ashford Prime to Acquire Ritz-Carlton Sarasota in Florida for $171M

by Kristin Harlow February 16, 2018

SARASOTA, FLA. — Ashford Hospitality Prime Inc. (NYSE: AHP) has agreed to acquire the 266-room Ritz-Carlton Sarasota, located approximately 60 miles south of Tampa, for $171 million. The transaction equates to $643,000 per room. Ashford Prime is also acquiring a 22-acre plot of vacant land adjacent to the hotel for $9.7 million with plans for residential development adjacent to a golf course. The acquisitions are expected to close in early April. Built in 2001, Ritz-Carlton Sarasota features 31 suites. Amenities include a 26,000-square-foot beach club, private golf club, 15,000-square-foot spa, eight food and beverage outlets, 29,000 square feet of meeting space, two outdoor pools, fitness club, tennis courts and kids club. The property has received over $21 million in capital improvements during recent years. Ritz-Carlton will continue to manage the hotel after the sale. The seller was not disclosed. Ashford Prime expects a stabilized, unleveraged annual yield of approximately 8 percent on its investment. On a 12-month basis as of Dec. 31, 2017, the property achieved revenue per available room (RevPAR) of $284.38, occupancy of 78.1 percent and an average daily rate (ADR) of $364.04. Dallas-based Ashford Prime is a real estate investment trust focused on investing in luxury hotels …

February 16, 2018

Georgia Healthcare Office Southeast

Caddis Acquires Urban Medical Office Building Near Atlanta for $27.6M

by Camren Skelton February 15, 2018

BROOKHAVEN, GA. — Caddis has acquired Brookhaven Medical Center, a 48,588-square-foot medical office building located at 3925 Peachtree Road in Brookhaven, a city adjacent to Atlanta’s Buckhead district. The sales price was not disclosed, but CoStar reports the Dallas-based healthcare real estate firm acquired the asset for $27.6 million. Korey Prefontaine, Sonny Molloy, Bob Johnson and Jared Kaye of Marcus & Millichap represented the seller, a joint venture between G.H. Anderson & Co. and The Gipson Co. Built in 2016, Brookhaven Medical Center was fully leased at the time of sale, with Walgreens occupying the ground floor and Piedmont Healthcare occupying the top two floors.

February 15, 2018

Florida Loans Office Retail Southeast

NorthMarq Arranges $15M Loan for Office, Retail Property in Tampa Bay Area

by Camren Skelton February 15, 2018

ST. PETERSBURG, FLA. — NorthMarq Capital has arranged a $15 million loan for Plaza Tower & Courtyard Shops, a 184,000-square-foot office and retail property located at 111 2nd Ave. N.E. and 201 1st St. N.E. in St. Petersburg. Bob Hernandez of NorthMarq arranged the seven-year loan with a 25-year amortization schedule on behalf of the undisclosed borrower. A local community bank provided the funding. The property is home to tenants such as Keller Williams Realty, LIG Marine and Gulfcoast Ultrasound Institute.

February 15, 2018

Florida Hospitality Southeast

Tavistock Launches Hotel Collection, Announces New Resort Within Orlando’s Lake Nona District

by Camren Skelton February 15, 2018

ORLANDO, FLA. — Tavistock Development Co. has launched the Tavistock Hotel Collection, a hospitality portfolio that will include the previously announced Tavistock Town Center Hotel at Lake Nona Town Center and the newly announced Tavistock Lake Nona Resort. Both properties will be located at Lake Nona, the firm’s 7,000-acre master-planned community in Orlando. Tavistock Lake Nona Resort will be situated between the Lake Nona Golf & Country Club and the USTA National Campus. The hotel will feature a manmade crystal lagoon, rooftop lounge and a fitness and spa campus. Miami-based architecture firm Arquitectonica is leading the design of Tavistock Lake Nona Resort. Construction is expected to begin this year, with an anticipated opening date for 2020.

February 15, 2018

Industrial North Carolina Southeast

Dilweg Sells 1.2 MSF Warehouse Complex in Durham

by Camren Skelton February 15, 2018

DURHAM, N.C. — The Dilweg Cos. has sold Regional Commerce Center, a 1.2 million-square-foot industrial complex located at 706 Ellis Road in Durham. The 46-building warehouse complex is situated on 65 acres directly adjacent to NC Highway 147. Constructed in 1929, the property operated as a tobacco drying warehouse until 2005. At the time of sale, Regional Commerce Center was 34 percent leased. Chris Norvell, Justin Good and Patrick Nally of HFF arranged the transaction on behalf of Dilweg. The name of the buyer and the sales price were not disclosed.

February 15, 2018

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